Clinton is lead investor for sale of shares, warrants for 0.44 shares
By Devika Patel
Knoxville, Tenn., March 16 - Overland Storage, Inc. said it conducted a private placement of units. The deal raised $15.4 million through lead investor Clinton Group, Inc.
The company sold 8,722,904 units of one common share and a warrant for 0.44 shares at $1.765 per unit. Each whole warrant is exercisable at $1.71 until March 21, 2016. The strike price reflects a 2.84% discount to the $1.76 closing share price on March 15.
Proceeds will be used for general corporate purposes and working capital, including product development and sales and marketing expansion, as well as debt repayment.
Overland Storage, based in San Diego, is a provider of data protection appliances.
| Issuer: | Overland Storage, Inc.
|
| Issue: | Units of one common share and a warrant for 0.44 shares
|
| Amount: | $15,395,926
|
| Units: | 8,722,904
|
| Price: | $1.765
|
| Warrants: | One warrant for 0.44 shares per unit
|
| Warrant expiration: | March 21, 2016
|
| Warrant strike price: | $1.71
|
| Investor: | Clinton Group, Inc. (lead)
|
| Settlement date: | March 16
|
| Stock symbol: | Nasdaq: OVRL
|
| Stock price: | $1.76 at close March 15
|
| Market capitalization: | $24.93 million
|
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